“The additional capital from Elevation Partners will enable us to put added momentum behind the new product introductions scheduled for 2009, and will provide us with enhanced stability in unsettled economic times,” said Ed Colligan, Palm’s chief executive, in a statement.

Elevation will acquire newly issued Series C preferred stock, which is convertible into Palm common at a price of $3.25 per share, a 31 percent premium to the closing price last Friday.

Elevation will also receive warrants to acquire 7 million shares of Palm common at the same price.

In addition, Palm said it may have Elevation sell up to $49 million of the new stake to other investors on the same or better terms by March 31.

Some analysts have been urging Palm to raise additional capital. Elevation bought a 25 percent stake in the company last year for $325 million.